Remaining Time: 51 minutes, 33 seconds. Question Completion Status: > Moving to another question will save this response. Question 2 How is Accumulated Depreciation disclosed in the financial statements? Contra-asset account Expense account Contra-liability account Contra-revenue account Moving to another question will save this response. Reming me: 51 minutes, 16 seconds. *Question Completion Status: > Moving to another question will save this response. Question 1 of 10 I saved Question 1 1 points A truck is purchased for $70,000. It has a five-year life and a $10,000 residual value. Under the double-dedining balance method what is the accumulated depreciation after two years? $38,400 $42,400 $44,800 $51,200 Question 1 of 10 > Moving to another question will save this response. Remaining Time: 37 minutes, 43 seconds. Question Completion Status: > Moving to another question will save this response. Question 7 of 10 Question 7 1 points Saved Chow Company sold a car for $18,100. The cost of the car was 537,500 and an accumulated depreciation of $20400 had been recorded on the same. The entry to record the disposal of the car is. Accumulated Depreciation-Automobile 20,400 Cash 18,100 Automobile 37,500 Gain on Sale of Automobile 1,000 Accumulated Depreciation-Automobile 37,500 Automobile 37,500 Accumulated Depreciation - Automobile 20,400 Automobile 20,400 Automobile 37,500 Cash 37,500 Question 7 of 10 Moving to another question will save this response A 0 93 @ 2008 BOB. -3m x] "? ERU Question Completion Status: > Moving to another question will save this response Question of 10 Question 4 1 points Lewis Company purchased a machine for $60,000. The machine has an estimated life of 20,000 hours and no salvage value. The entry to record the depreciation charge under the production method assuming that the machine was used for 4,000 hours is Depreciation Expense - Machinery 12,000 Accumulated Depreciation-Machinery 12.000 Depreciation Expense-Machinery 12,000 Machinery 12,000 Machinery 40,000 Accumulated Depreciation Machery 40,000 Machinery 60,000 Cash 60,000 Moving to another question will save this response Question 4 of 10 Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Remaining Time: 39 minutes, 21 seconds. Question Completion Status: A Moving to another question will save this response. Questions Save Question 5 1 points If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be Net income will be understated for the year. Stockholders' equity will be overstated at year end. Total assets will be overstated at year end. Net income in the following year will be understated. Question 50 Moving to another question will save this response. E AO 985 @ 120VINDOB. wmx] 8 ? Remaining Time: 38 minutes, 29 seconds. Question Completion Status: Moving to another question will save this response. Question 6 A revenue expenditure results in a O debit to an expense account. O credit to an expense account. o debit to an asset account. O credit to an asset account. A Moving to another question will save this response. Remaining Time: 37 minutes, 43 seconds. Question Completion Status: > Moving to another question will save this response. Question 7 of 10 Question 7 1 points Saved Chow Company sold a car for $18,100. The cost of the car was 537,500 and an accumulated depreciation of $20400 had been recorded on the same. The entry to record the disposal of the car is. Accumulated Depreciation-Automobile 20,400 Cash 18,100 Automobile 37,500 Gain on Sale of Automobile 1,000 Accumulated Depreciation-Automobile 37,500 Automobile 37,500 Accumulated Depreciation - Automobile 20,400 Automobile 20,400 Automobile 37,500 Cash 37,500 Question 7 of 10 Moving to another question will save this response A 0 93 @ 2008 BOB. -3m x] "? ERU Remaining Time: 35 minutes, 35 seconds. Question Completion Status: Moving to another question will save this response. Question 8 of 10 Question 8 1 points Equipment was purchased for $117.000. It had an estimated residual value of $1.000 and has a current carrying value of $75.000, is depreciable cost must have been $42.000 $99,000 $124,000 impossible to determine from the facts given. Moving to another question will save this response. Question 8 of 10 DA 9 O 20 DEN BOBOIBOA HELLU MacBook Pro Remaining Time: 34 minutes, 03 seconds. * Question Completion Status: Question 9 1 points I saved Amachine that cost $13,000 and on which $9,300 of accumulated depreciation had been recorded was disposed of for $2.700. The entry to record the disposal of the machine is: O Cash 9,300 Machinery 9,300 Machinery 13,000 Depreciation Expense-Machinery 13,000 Cash Accumulated Depreciation-Machinery Loss on Disposal Machinery 2.700 9.300 1,000 13.000 9,300 Accumulated Depreciation-Machinery Machinery Save and Submit Click Submit to complete this assessment. Question 10 of 10 Question 10 1 points v Seved If an asset costs $41,000, has a residual value of $3,000, and has a useful life of five years, the entry to record depreciation in the second year, using the double-declining balance method, is debit to Depreciation Expense, 9,430; credit to Cash, 9,430. debit to Depreciation Expense, 9,840; credit to Accumulated Depreciation, 9,840 debit to Depreciation Expense, 10,250, credit to Accumulated Depreciation, 10.250 debit to Accumulated Depreciation, 10,660; credit to Depreciation Expense, 10,660 Click Submit to complete this assessment. Question 10 of 10 Save and Submit Remaining Time: 51 minutes, 33 seconds. Question Completion Status: > Moving to another question will save this response. Question 2 How is Accumulated Depreciation disclosed in the financial statements? Contra-asset account Expense account Contra-liability account Contra-revenue account Moving to another question will save this response. Reming me: 51 minutes, 16 seconds. *Question Completion Status: > Moving to another question will save this response. Question 1 of 10 I saved Question 1 1 points A truck is purchased for $70,000. It has a five-year life and a $10,000 residual value. Under the double-dedining balance method what is the accumulated depreciation after two years? $38,400 $42,400 $44,800 $51,200 Question 1 of 10 > Moving to another question will save this response. Remaining Time: 37 minutes, 43 seconds. Question Completion Status: > Moving to another question will save this response. Question 7 of 10 Question 7 1 points Saved Chow Company sold a car for $18,100. The cost of the car was 537,500 and an accumulated depreciation of $20400 had been recorded on the same. The entry to record the disposal of the car is. Accumulated Depreciation-Automobile 20,400 Cash 18,100 Automobile 37,500 Gain on Sale of Automobile 1,000 Accumulated Depreciation-Automobile 37,500 Automobile 37,500 Accumulated Depreciation - Automobile 20,400 Automobile 20,400 Automobile 37,500 Cash 37,500 Question 7 of 10 Moving to another question will save this response A 0 93 @ 2008 BOB. -3m x] "? ERU Question Completion Status: > Moving to another question will save this response Question of 10 Question 4 1 points Lewis Company purchased a machine for $60,000. The machine has an estimated life of 20,000 hours and no salvage value. The entry to record the depreciation charge under the production method assuming that the machine was used for 4,000 hours is Depreciation Expense - Machinery 12,000 Accumulated Depreciation-Machinery 12.000 Depreciation Expense-Machinery 12,000 Machinery 12,000 Machinery 40,000 Accumulated Depreciation Machery 40,000 Machinery 60,000 Cash 60,000 Moving to another question will save this response Question 4 of 10 Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Remaining Time: 39 minutes, 21 seconds. Question Completion Status: A Moving to another question will save this response. Questions Save Question 5 1 points If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be Net income will be understated for the year. Stockholders' equity will be overstated at year end. Total assets will be overstated at year end. Net income in the following year will be understated. Question 50 Moving to another question will save this response. E AO 985 @ 120VINDOB. wmx] 8 ? Remaining Time: 38 minutes, 29 seconds. Question Completion Status: Moving to another question will save this response. Question 6 A revenue expenditure results in a O debit to an expense account. O credit to an expense account. o debit to an asset account. O credit to an asset account. A Moving to another question will save this response. Remaining Time: 37 minutes, 43 seconds. Question Completion Status: > Moving to another question will save this response. Question 7 of 10 Question 7 1 points Saved Chow Company sold a car for $18,100. The cost of the car was 537,500 and an accumulated depreciation of $20400 had been recorded on the same. The entry to record the disposal of the car is. Accumulated Depreciation-Automobile 20,400 Cash 18,100 Automobile 37,500 Gain on Sale of Automobile 1,000 Accumulated Depreciation-Automobile 37,500 Automobile 37,500 Accumulated Depreciation - Automobile 20,400 Automobile 20,400 Automobile 37,500 Cash 37,500 Question 7 of 10 Moving to another question will save this response A 0 93 @ 2008 BOB. -3m x] "? ERU Remaining Time: 35 minutes, 35 seconds. Question Completion Status: Moving to another question will save this response. Question 8 of 10 Question 8 1 points Equipment was purchased for $117.000. It had an estimated residual value of $1.000 and has a current carrying value of $75.000, is depreciable cost must have been $42.000 $99,000 $124,000 impossible to determine from the facts given. Moving to another question will save this response. Question 8 of 10 DA 9 O 20 DEN BOBOIBOA HELLU MacBook Pro Remaining Time: 34 minutes, 03 seconds. * Question Completion Status: Question 9 1 points I saved Amachine that cost $13,000 and on which $9,300 of accumulated depreciation had been recorded was disposed of for $2.700. The entry to record the disposal of the machine is: O Cash 9,300 Machinery 9,300 Machinery 13,000 Depreciation Expense-Machinery 13,000 Cash Accumulated Depreciation-Machinery Loss on Disposal Machinery 2.700 9.300 1,000 13.000 9,300 Accumulated Depreciation-Machinery Machinery Save and Submit Click Submit to complete this assessment. Question 10 of 10 Question 10 1 points v Seved If an asset costs $41,000, has a residual value of $3,000, and has a useful life of five years, the entry to record depreciation in the second year, using the double-declining balance method, is debit to Depreciation Expense, 9,430; credit to Cash, 9,430. debit to Depreciation Expense, 9,840; credit to Accumulated Depreciation, 9,840 debit to Depreciation Expense, 10,250, credit to Accumulated Depreciation, 10.250 debit to Accumulated Depreciation, 10,660; credit to Depreciation Expense, 10,660 Click Submit to complete this assessment. Question 10 of 10 Save and Submit